Interstate Hotels & Resorts Signs Two Management Contracts in Oakland, California
2007年6月21日 - 10:30PM
PRニュース・ワイアー (英語)
ARLINGTON, Va., June 21 /PRNewswire-FirstCall/ -- Interstate Hotels
& Resorts (NYSE:IHR), one of the nation's largest independent
hotel management companies, today announced that the company has
signed a long-term contract to manage two Marriott-branded
properties in downtown Oakland, California: the 484-room Oakland
Marriott City Center and the 162-room Courtyard by Marriott Oakland
Downtown. Both properties were recently acquired by CIM Group, a
large real estate investor based in Hollywood. In addition,
Interstate will manage the 75,000 square foot Oakland Convention
Center adjacent to the Marriott City Center hotel. The new owners
expect to conduct a substantial renovation of the properties over
the next three years, to include rooms and public space. "While we
manage a number of hotels in northern California, these two hotels
represent our entry into the Oakland market and bring our total
number of contracts in the state to 32," said Thomas F. Hewitt,
chief executive officer. "Oakland is in the middle of an urban
renaissance, and we are very optimistic about the long-term profit
potential of these two downtown properties, which will continue to
benefit from the rapid growth in business, retail and residential
projects. With our size and operational advantages, and previous
experience with convention center properties, we are confident we
can deliver a better bottom line for our owners and help these
properties live up to their full operating potential." "CIM Group
is a major private equity fund based in California," said Leslie
Ng, chief investment officer. "We look forward to expanding our
relationship with CIM Group and will continue to seek opportunities
to expand our core hotel management business. We remain focused on
first-class, full- service and select-service hotels affiliated
with top-quality, internationally known brands like Marriott,
Sheraton, Westin, and Hilton, as well as independent hotels and
resorts." Oakland City Center Marriott Located at 1001 Broadway, in
the Central Business District, adjacent to the Oakland Convention
Center and a BART station, the 21-story Oakland City Center
Marriott hotel offers commanding views of Lake Merritt, Berkeley
Marina, the bay and skyline of San Francisco, and both the Golden
Gate and Bay Bridges and is convenient to all Bay Area attractions,
including Napa and Sonoma wine country, the East Bay, and Berkeley.
Downtown San Francisco is only 12 minutes away by BART. The Oakland
Marriott City Center is connected to the Oakland Convention Center
and together provide more than 89,000 square feet of
state-of-the-art meeting and exhibit space, comprising 32 meeting
rooms and three lavish ballrooms. Hotel amenities include a
full-service business center, fitness center, outdoor heated pool,
and high-speed Internet access. Restaurant/lounge facilities
include the City Center Grill, offering three- meal service, Java
Parc Cafe and the Atrium Lounge. Courtyard by Marriott Oakland
Downtown Located at 998 Broadway, across the street from the City
Center Marriott, the five-story Courtyard Oakland Downtown provides
a more residential feel, within easy walking distance of Oakland's
central business district, Federal and State offices, Superior
Courts, shops, restaurants and BART to San Francisco, Berkeley,
Walnut Creek and the Oakland Arena / Coliseum. Hotel amenities
include an heated outdoor swimming pool, whirlpool, Jacuzzi,
fitness room, wireless high speed Internet access, and the
Courtyard Cafe, which is open for breakfast. Guestrooms feature a
comfortable, large, well- lit work desk with an ergonomic chair,
two phones with data ports and free Internet access. About CIM
Group CIM Group is an integrated, full service real estate investor
with in- house acquisition, development, finance, leasing, and
management capabilities. CIM Group directs its efforts towards
districts of high population density, including the downtown areas
within large cities, smaller "main street" districts within towns
and suburban cities, and other locations which lie within the
metropolitan areas of the country. Since its inception in 1994, CIM
Group has been a leading force in the creation of great streets in
the cities of Santa Monica, San Diego, Pasadena, Brea and
Hollywood. About Interstate As of May 31, 2007, Interstate Hotels
& Resorts operated 196 hospitality properties with more than
45,000 rooms in 36 states, the District of Columbia, Belgium,
Canada, Ireland and Russia. In addition, Interstate Hotels &
Resorts has contracts to manage 13 hospitality properties with
nearly 4,000 rooms currently under development. For more
information about Interstate Hotels & Resorts, visit the
company's Web site: http://www.ihrco.com/. This press release
contains "forward-looking statements," within the meaning of the
Private Securities Litigation Reform Act of 1995, about Interstate
Hotels & Resorts, including those statements regarding future
operating results and the timing and composition of revenues, among
others, and statements containing words such as "expects,"
"believes" or "will," which indicate that those statements are
forward-looking. Except for historical information, the matters
discussed in this press release are forward-looking statements that
are subject to certain risks and uncertainties that could cause the
actual results to differ materially, including the volatility of
the national economy, economic conditions generally and the hotel
and real estate markets specifically, the war in Iraq,
international and geopolitical difficulties or health concerns,
governmental actions, legislative and regulatory changes,
availability of debt and equity capital, interest rates,
competition, weather conditions or natural disasters, supply and
demand for lodging facilities in our current and proposed market
areas, and the company's ability to manage integration and growth.
Additional risks are discussed in Interstate Hotels & Resorts'
filings with the Securities and Exchange Commission, including
Interstate Hotels & Resorts' annual report on Form 10-K for the
year ended December 31, 2006. Contact: Carrie McIntyre SVP,
Treasurer Interstate Hotels & Resorts (703) 387-3320
DATASOURCE: Interstate Hotels & Resorts CONTACT: Carrie
McIntyre, SVP, Treasurer, of Interstate Hotels & Resorts,
+1-703-387-3320 Web Site: http://www.ihrco.com/
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